证券日报网讯 12月29日，中信博在互动平台回答投资者提问时表示，光伏行业发展目前处在调整期， 但随着光伏产业链"反内卷"政策推动，光伏产业链盈利恶化逐步减缓。公司始终谋划海外跟踪系统产品 全球化、差异化、数智化、绿色化布局，本着走出去、走进去、融进去的理念，逐步完善海外市场的研 发、销售、供应链等方向的建设，近期中东、欧洲、拉美等市场分别有订单落地，详见公司网站推文。 同时公司坚持提升差异化竞争力以取得订单，成就企业长期增长价值，竞争力及战略规划的表述详见公 司定期报告及相应公告。2025年公司实施的第二期回购计划已于12月完成，回购规模达人民币9956万 元，详见公司股份回购完成公告，如公司有进一步回购计划将及时履行披露义务。 ...

证券日报网讯12月29日，中信博在互动平台回答投资者提问时表示，随着光伏产业链"反内卷"政策推 动，行业从"规模扩张"向"质量跃升"转型，在各项政策调整下，光伏组件产品价格出现了一定程度的恢 复，光伏产业链盈利恶化预计将逐步减缓。近两年公司支架系统产品并未和组件产品一样出现大幅降价 情形。公司在行业细分领域将积极引导价格良性竞争，为推动行业高质量发展贡献力量。 ...

消息面上，钧达股份近日在互动平台上表示，近期滁州基地已成功实现首片产业化TOPCon+钙钛矿叠 层电池下线。国投证券国际研报称，钧达股份布局滁州及淮安两大生产基地，TOPCON电池片产能 44.4GW/年。该行认为，光伏产业链反内卷推进中，公司海外收入盈利能力高于国内。公司具备稀 缺"A+H"双平台优势。 此外，海南自由贸易港今日起正式启动全岛封关。钧达股份12月8日在投资者互动平台表示，公司为注 册在海南的A+H上市公司，目前海外销售占比超50%，公司未来会积极探索开拓业务模式，充分利用好 海南相关优惠政策，助力企业发展。 钧达股份（002865）(02865)再涨超5%，公司A股午后涨停。截至发稿，涨5.43%，报18.82港元，成交 额1.17亿港元。 ...

Investment Rating - The report does not specify a clear investment rating for the company [7] Core Insights - The company is a leading manufacturer of photovoltaic cells, being one of the first to achieve mass production of TOPCon cells with a capacity of 44.4GW [2][3] - The company has rapidly increased its overseas revenue, which now contributes over 50% to total income, indicating a strong market presence outside of traditional markets [4] - The company has shown improvement in its financial performance, with a reduction in losses reported in the latest quarterly results [5] Company Overview - The company was listed on the Shenzhen Stock Exchange in 2017 and has expanded into the photovoltaic industry through acquisitions, including the purchase of Jietai Technology in 2021 [1] - It is the first company in the photovoltaic sector to be listed on both the A-share and H-share markets, providing a unique dual-platform advantage [1] - The company maintains a competitive edge in both N-type TOPCon and P-type PERC cells, holding a 24.7% market share in TOPCon cells among specialized manufacturers [2] Production Capacity - The company has established two production bases in Chuzhou and Huai'an, each with a capacity of 22.2GW, totaling 44.4GW annually [3] - The production facilities are equipped with advanced automation technology, allowing for rapid scaling of production capacity [3] Financial Performance - In the third quarter, the company reported revenues of 2 billion RMB, a 10% year-on-year increase, and a net loss of 155 million RMB, which is a reduction of approximately 100 million RMB compared to the previous year [5] - Cumulative revenue for the first three quarters of 2025 was 5.68 billion RMB, reflecting a 30.72% year-on-year decrease, primarily due to declining prices of TOPCon cells [5] Market Dynamics - The overseas market for photovoltaic products is experiencing rapid growth, with significant demand emerging from regions such as the Middle East, India, and Africa [4] - The company has established a sales network to enhance its competitiveness in international markets, including agreements with local clients in Turkey to boost production capacity [4] Valuation - The company's current stock price corresponds to a price-to-book (PB) ratio of less than 1, with H-shares trading at a discount of over 60% compared to A-shares, suggesting potential for valuation improvement [5]

Industry Overview - The photovoltaic industry chain stocks experienced a significant rally on the 29th, with notable gains including Yicheng New Energy reaching a 20% limit up, Airo Energy rising over 13%, and several other companies like Heshun Electric and Huaguang New Materials increasing by over 10% [1] - The industry is seeing a clear bottom in prices and profitability, with the "anti-involution" initiative since June 2025 leading to an expansion of participants and significant price recovery for products [1] Policy and Market Dynamics - There has been a concentrated release of top-level signals aimed at avoiding low-price competition and promoting the exit of excess capacity within the photovoltaic sector [1] - Guojin Securities anticipates that the combination of top-level support, market-driven elimination, and technological iteration will lead to improvements on the supply side, with policies related to capacity and product quality expected to be implemented soon [1] Investment Recommendations - The industry is recommended to focus on low-cost silicon materials, photovoltaic glass, high-efficiency batteries/modules, and financially stable leading companies across various segments [1] - Companies with solid core operations that have the capability and willingness to extend into areas such as electronic semiconductors, robotics, and AI computing power are also highlighted as potential investment opportunities [1]

Group 1 - The photovoltaic industry chain has experienced a price increase across multiple products since September, with N-type polysilicon reaching 51.55 yuan/kg, up 2.55 yuan/kg from September 1 [1] - The price of N-type silicon wafers increased to 1.31 yuan/piece, up 0.07 yuan/piece, while photovoltaic glass prices rose to 14.35 yuan/m², an increase of 0.1 yuan/m² [1] - The price of photovoltaic EVA material has also been on the rise, reaching approximately 10,500 to 10,800 yuan/ton by September 12, an increase of nearly 500 yuan/ton from the beginning of the month [1] Group 2 - Policy measures have intensified efforts to combat disorderly competition in the photovoltaic industry, with the Ministry of Industry and Information Technology emphasizing the need for lawful and regulated practices [2] - The N-type polysilicon market has stabilized, with prices rising from 34.5 yuan/kg to 51.55 yuan/kg, a 49.4% increase, while N-type silicon wafers saw a 50.6% increase from 0.87 yuan/piece to 1.31 yuan/piece [2] - The price of photovoltaic EVA material has been increasing since early August, with current spot prices around 11,000 yuan/ton, reflecting a 14% increase [2] Group 3 - In contrast to the significant price increases in polysilicon and silicon wafers, the price of photovoltaic modules has remained relatively stable, with N-type 210mm module prices at 0.682 yuan/watt, showing little change since August 1 [3] - The market sentiment among manufacturers is optimistic due to the support from anti-involution measures, although the downstream module prices are not expected to rise significantly due to low returns in the power station segment [3] - The supply of photovoltaic EVA material is tight, with companies maintaining strong pricing power, suggesting potential further price increases in the short term [3]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [6][18]. Core Viewpoints - The domestic computing power sector is experiencing a significant opportunity for growth driven by multiple factors, including the integration of domestic chips and liquid cooling technology, which is reshaping the computing infrastructure [14][15]. - The report highlights the increasing demand for high-power AIDC cabinets, with power ratings reaching 20-100kW, indicating a shift from optional to essential cooling solutions [14]. - Policy support is crucial, with state-owned data centers required to procure over 50% of their chips from domestic sources, further stimulating the domestic computing power ecosystem [15]. - The report emphasizes the potential for domestic manufacturers to expand overseas, particularly in the diesel generator market, as global demand for AI computing infrastructure rises [16]. Summary by Sections Investment Viewpoints - The report identifies the diesel generator sector as having the most straightforward growth logic, recommending companies such as Weichai Heavy Machinery and KOTAI Power [6][17]. - It also suggests monitoring the gradually increasing penetration of HVDC segments, recommending companies like Kehua Data and Hewei Electric [6][17]. - Lastly, it highlights opportunities in server power supplies and liquid cooling segments, recommending companies like Invec and Shunling Environment [6][17]. Industry Dynamics - The report notes that the electric power equipment sector has seen a 1.94% increase in market performance recently, ranking 16th among various sectors [20]. - It discusses the successful launch of the Ningxia-Hunan ±800 kV UHVDC project, which is expected to enhance the transmission capacity of renewable energy [22]. - The report also mentions the ongoing global demand for AI computing infrastructure, which is expected to provide long-term growth momentum for domestic IDC and computing rental companies [16]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several key companies, including: - KOTAI Power (300153.SZ): EPS forecast of 0.85 in 2025E, with a "Buy" rating [19]. - Weichai Heavy Machinery (000880.SZ): EPS forecast of 0.98 in 2025E, currently unrated [19]. - Kehua Data (002335.SZ): EPS forecast of 1.30 in 2025E, currently unrated [19]. - Invec (002837.SZ): EPS forecast of 0.66 in 2025E, currently unrated [19]. - Shunling Environment (301018.SZ): EPS forecast of 1.05 in 2025E, with a "Buy" rating [19]. - Hewei Electric (603063.SH): EPS forecast of 1.40 in 2025E, with a "Buy" rating [19].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the advancements in the **800V HVDC** technology and its implications for the **AIDC (Artificial Intelligence Data Center)** supply architecture, highlighting a significant opportunity for domestic suppliers in China to meet overseas demand [1][2][5]. Core Insights and Arguments - **Adoption of 800V HVDC**: Nvidia plans to gradually adopt 800V HVDC to address the increasing power density in AI computing, which will lead to energy savings and reduced copper usage [1][2][4]. - **Investment Trends**: Major tech companies like Meta and Alphabet are increasing capital expenditures, indicating a strong focus on AIDC investments. Meta's capital expenditure was raised from $64 billion to $66 billion, while Alphabet's was increased to $85 billion [5]. - **Advantages of HVDC**: HVDC systems eliminate the need for AC-DC and DC-DC conversions, resulting in energy savings and reduced losses compared to traditional UPS systems [3][4]. - **Solid-State Transformers (SST)**: SSTs are being developed as future power solutions, currently in pilot testing, with potential applications in data centers and renewable energy generation. Full-scale deployment is expected to take three years [1][7][8]. - **Solid-State Battery Development**: Focus on key components such as dry electrodes and insulation materials, with significant orders already placed for equipment [9][10]. - **Photovoltaic Industry**: The solar industry is in a transitional phase, with clear price recovery trends and a recommendation to focus on silicon materials and auxiliary materials [11]. Additional Important Content - **Investment Opportunities**: Companies like McMitter, Zhongheng Electric, and Shenghong Co. are highlighted as key players in the HVDC space. In the UPS sector, companies like Kstar and Kehua Data are also noted for their technological capabilities [6]. - **Future of SST**: SSTs are expected to play a crucial role in the evolution of power supply systems, particularly in high-power AIDC applications [8]. - **Wind Power Market**: The wind power sector is showing signs of recovery, with a focus on key components and offshore wind developments, indicating strong growth potential [14][15]. - **Investment Strategy**: Current investment strategies should prioritize IDC power systems, solid-state batteries, and the photovoltaic sector, as these areas present significant growth potential [18].

Investment Rating - The report maintains a neutral investment rating for Xinyi Solar (968.HK) with a target price not specified [11]. Core Views - Xinyi Solar's H1 2025 performance met expectations, with revenue declining by 6.5% year-on-year to RMB 10.9 billion, and net profit dropping by 58.8% to RMB 750 million due to oversupply in the photovoltaic glass industry [1][2]. - The company is seeking to diversify its overseas production capacity to enhance sales of photovoltaic glass internationally, as domestic sales have been affected by price declines [4][5]. - The photovoltaic glass price has shown signs of recovery from its July lows, which could benefit the company's stock price if the industry achieves self-discipline and production cuts [5]. Summary by Sections Financial Performance - In H1 2025, Xinyi Solar's net profit decreased by 58.8% to RMB 750 million, while revenue fell by 6.5% to RMB 10.9 billion, primarily due to a decline in solar glass sales [2][5]. - The company's solar glass sales revenue dropped by 7.3% to RMB 9.47 billion, despite a 17.5% increase in sales volume, as prices fell significantly due to industry oversupply [3][4]. Production Capacity - As of June 2025, Xinyi Solar's production capacity was 23,200 tons per day, with an expected annual output of 8.14 million tons, a decrease of 10.3% from 2024 [4]. - The company has paused two production lines with a daily capacity of 1,800 tons each and is exploring overseas production options to mitigate trade barriers [4]. Market Outlook - The report highlights the importance of industry self-discipline and production cuts to stabilize prices and improve profitability [5]. - The average price of 2.0mm photovoltaic glass has increased from RMB 9.75 per square meter in July to RMB 10.5 in August, indicating a potential recovery [5].